‘When You See One Cockroach, There are Probably More’: Blackrock Forced to Halt Redemptions As $2 Trillion Private Lending Bubble Starts Showing Cracks

BlackRock (BLK) has restricted withdrawals from one of its flagship private credit funds after a surge in redemption requests, adding to growing signs of stress in the rapidly expanding $2 trillion private credit market.

The world’s largest asset manager said it would limit withdrawals from the $26 billion HPS Corporate Lending Fund after investor redemption requests exceeded the fund’s quarterly liquidity cap. Investors sought to withdraw $1.2 billion, but the fund approved $620 million, reaching the 5% quarterly limit that allows managers to gate withdrawals.